The language of the Fed meeting minutes was more hawkish than the market expected, with several participants mentioning that they are willing to tighten policy further if inflation risks materialize in an appropriate manner. This reflects growing frustration that consumer prices are not making better progress back towards the 2% target. Therefore, if indicators pointing to strong economic momentum still perform well, then the Fed will take longer than previously expected to ensure that inflation moves towards the 2% target, and may even start raising interest rates again for this goal.